首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
A year ago, monetary union looked as if it was heading for certain death, with the European banking system in apparent meltdown
A year ago, monetary union looked as if it was heading for certain death, with the European banking system in apparent meltdown
admin
2022-11-10
62
问题
A year ago, monetary union looked as if it was heading for certain death, with the European banking system in apparent meltdown and extreme divergence in monetary conditions across the single currency area. In all but name, monetary union had already ceased to exist.
Action by the ECB (European Central Bank), first with the cash-for-debt Long Term Refinancing Operation and, more recently, the promise of unlimited bond purchases, has succeeded in stilling the waters, at least to some degree. Even a Greek exit seems, for the time being, to be off the table. With more austerity, Berlin seems minded to give Greeks another chance—until the next bail-out, in any case.
But, though the single currency may have been saved from imminent death on the operating table, it seems now to be heading for a scarcely more appetising alternative—a condition of chronic, long-term illness where still very tight monetary conditions in many parts of the eurozone in combination with lockstep austerity threaten to induce a virtually permanent state of depression. Even Germany shows every sign of slipping back into economic contraction.
For Britain, still reliant as it is on some sort of a recovery in European trade to see it through its own austerity program, there could scarcely be a set of circumstances less helpful to long-term recovery than this.
New research by Dawn Holland and Jonathan Portes of the National Institute of Economic and Social Research has confirmed what has long been suspected—that co-ordinated fiscal consolidation across many EU countries has not only had a substantially larger negative impact on growth than expected, but has also had the very reverse consequence to the one intended by raising rather than lowering debt-to-GDP ratios.
You need to be a little bit careful with these findings, which are somewhat self-serving. Under Jonathan Portes, the National Institute has positioned itself very much on the stimulus side of the austerity-versus-stimulus debate. This is a paper that sets out to prove that the poor growth performance of most EU countries, including the UK, is primarily down to fiscal austerity.
Nonetheless, the number crunching seems to be robust enough, and it’s hard to disagree with the paper’s central finding that fiscal multipliers are much larger than in more normal times when consolidation is conducted collectively and into conditions of an already depressed economy.
Even so, the paper suffers from one, rather glaring, omission. Whether you are on the big or small state side of the argument, there is no doubt that fiscal consolidation is urgently needed in much of the eurozone periphery (外围), and some parts of the core as well.
According to the passage, action by the ECB________.
选项
A、made the European Banking System cease to exist
B、let Berlin decide to break with Greece immediately
C、has a positive effect on the European Banking System
D、caused extreme divergence across the single currency area
答案
C
解析
转载请注明原文地址:https://kaotiyun.com/show/78kK777K
0
专业英语四级
相关试题推荐
Astheoldempireswerebrokenupandnewstateswereformed,newofficialtonguesbeganto______atanincreasingrate.
Duringthereadinglesson,theteacheraskedstudentstoreadafew______fromthenovel.
NativeAmericanartworkandartifactshavebeen_______collectedandstudiedabroadforanumberofyears.
Morethanfive-thousandsecondaryschoolstudentshavebeen______forcheating.
Finally,examplesaregivento________theeffectivenessoftheproposal.
PassageOneWhichparagraphappearsleastconcernedwiththethemeofthepassage?
(1)Iwasasecond-yearmedicalstudentattheuniversity,andwasonmyseconddayofroundsatanearbyhospital.Myuniversit
ReadingFasterTheonlywaytoreadfasteristoreadfaster,anditisaserioussuggestion.【T1】________onspeedreadi
"Itappearsthathehasmanyfriends."Theitalicizedpartis________.
随机试题
系统分析阶段的系统调查工作是将企业和组织的________系统作为研究对象,进行详细调查与分析工作。
优先数是进程调度的重要依据一旦确定不能改变。()
Wehavenoideaaboutwhenmenfirstbegantousesalt,butwedoknowthatithasbeenusedinmanydifferentwaysthroughoutt
男性患者,45岁,2年来劳累时胸闷,心悸,含硝酸甘油效果不佳。查体:血压130/80mmHg(17.3/10.7kPa)。心界大,血沉正常,心率80/min,律整,心尖部可闻及S4,胸骨左缘第3~4肋间有收缩期喷射性杂音,肺清,腹部无异常。超声心动图检查示
低压合金钢管安装中,下列不包含在安装工程内容中的为()。
记载宋以前历代典章制度的所谓“三通”是()。
强调学习者的主体作用,强调学习的主动性、社会性和情境性是哪一个理论?()
孔子在中国历史上留下了光辉的文化轨迹,以下关于孔子的说法正确的是()。
"Iamleavingthecountrysoon,"hetolda______convenedgroupofreporters.
Thefastesttransatlanticvoyagebyapacketmentionedbytheauthorwasfrom______.Whichofthefollowingwasmostimportan
最新回复
(
0
)